Now: Pensions has named Troy Clutterbuck as permanent CEO, 10 months after he took the role on an interim basis following the departure of Morten Nilsson.

Clutterbuck joined Now in 2016 as CFO, and has previously held a number of key roles over a 15-year career with Jardine Lloyd Thompson Group including CFO UK employee benefits and commercial director, Latin America and Canada.

Clutterbuck says the provider became profitable in April.

Now: Pensions is a wholly owned subsidiary of ATP, the biggest pension provider in Denmark. It is the UK’s third largest auto enrolment provider with more than 1.6 million members and over 32,000 employers. It has over £600m in assets under management.

Nilsson departed after it emerged the provider had experienced administration problems that meant members’ contributions had not been collected for several years. Clutterbuck has overseen the resolution of these administration problems.

Now has also been in the spotlight for significantly lagging other providers in investment performance.

Now: Pensions non-executive chairmanHenrik Ramlau-Hansen say: “Troy has clearly demonstrated his credentials as CEO and shown strong leadership in recent months. The Board is looking forward to working with him as NOW: Pensions enters its next phase.”

Clutterbuck says: “With the significant investment and improvements we have made in processes, people and platforms we are very well positioned for the future. We have a strong business, built on a sustainable business model which entered profitability in April. I am proud of what Now: Pensions has achieved so far and look forward to leading the business.”